Financial Resources for Your Fitness, Salon, Spa, and Wellness Business for COVID-19
By Katie Philipp
Many fitness, wellness and beauty businesses across the US and around the world are being ordered to shutter their doors during the COVID-19 pandemic. These mandates can rightfully cause worry for many small business owners that rely on consistent clientele for consistent revenue. While there are still many uncertainties surrounding the impact of COVID-19 on the global wellness community, there are immediate steps that you can take in relation to your finances.
Know your resources
This Small Business Administration (SBA) resource page provides a bevy of information on economic injury disaster loan programs, local counseling, and guidance for managing your team members during this time of transition.
Stay abreast on local legislation
Some local constituencies are taking swift action to try and protect their local businesses. Whether through expediting small business loans or declaring emergency moratoriums on rental evictions for commercial leases, there are a variety of bills being passed that may apply to your circumstances.
Talk with your landlord to renegotiate your rent or ask for rent abatement
Here are two good resources to review before you talk to your landloard: FindLaw provides a state-by-state list of landlord-tenant statutes and Asset America provides more details on what you need to know about rent abatement.
Check in with your insurance provider
Take a thorough look at your insurance coverage and see what your policy covers surrounding forced closures or other cataclysmic events. While each provider and policy will have specific nuances, now is the best time to see what, if anything, is covered.
Check in with your vendors
Create a detailed list of the vendors that you leverage within your business, prioritizing which ones you may be able to limit in service or utility while you pare down your expenses. Communicate with those that are critical to your business functions and have an honest conversation surrounding fee reprieve or other accommodations that can be made.
To see what Mindbody is doing about COVID-19, check out this letter from our CEO Rick Stollmeyer.
Be aware of small business grant opportunities
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where they operate. There are also a variety of grants available for specific populations—businesses owned by veterans, women-run businesses, businesses that service disadvantaged communities.
Be aware of tax deferments
Many states are offering state filing relief under the current circumstances. Here is a great list from the American State of Certified Public Accountants, of the states that have already declared extensions due to the current conditions.
Understand your employer responsibilities and options
The Society for Human Resources (SHRM) provides a resource page that outlines your responsibilities as an employer and ways to prepare your workforce.
Leverage the Mindbody One community
The conversations taking place within our peer-to-peer community are proving to be a vital lifeline for business owners that are navigating their way through unchartered territory
Work with our certified consultants
You can also leverage our community of Mindbody certified consultants who range in expertise from staffing and change management expertise, to CPAs and legal counsel, that are intimately familiar with the wellness industry at large.
The temporary forced closure of a business does give you time to assess the resources available to you, to be deliberate in creating a plan of action, and space to educate yourself about the support that could see you through this trying time.
Some Australian resources
- The Australian government’s resource page for COVID-19
- Smart Company COVID-19 Financial support page. Smart Company has compiled a handy reference page on federal, state and territory governments programs to support small business.
- Victorian Chamber of Commerce and Industry resource page
- Queensland government coronavirus assistance page
Some UK resources
- UK Government COVID-19: support for business website
- Scottish Government COVID-19: business support website
- Welsh Government COVID-19: business and employer website
- Northern Irish Government website
- FSB COVID-19 Resource Page
The temporary forced closure of a business does give you time to assess the resources available to you, to be deliberate in creating a plan of action, and space to educate yourself about the support that could see you through this trying time. If you are looking for ideas on how to cut expenses during this time, check out this blog post for some helpful tips.
This information contained herein does not constitute medical, financial, legal, or other professional advice and is meant to be used solely for informational purposes. It does not take into account your specific circumstances and should be not acted on without full understanding of your current situation, future goals and/or objectives by a qualified professional. Mindbody assumes no liability for actions taken in reliance upon the information contained herein.